Shares in Aurora Labs closed nearly 20 per cent higher today after the company signed a binding term sheet with WorleyParsons to use its metal 3D printing technology across a range of industries.
The agreement outlines the establishment of a joint venture to form a solution centre to service mining, oil and gas and infrastructure projects.
A non-binding term sheet was signed between the two companies in January and Aurora managing director David Budge said it was pleasing to finalise the agreement.
“We are extremely pleased that since working with WorleyParsons in January, our collaboration has now resulted in a clearly defined arrangement,” he said
“This is a validation of the impact 3D printing will have, and of the technology we are developing. We look forward to our continued venture to drive Aurora’s products forward.”
The venture has also touted plans to establish a printing bureau, whereby designs would be printed for third parties using Aurora’s machines.
It will also seek opportunities to create a market for bulk and specialty powders to be used by Aurora’s machines.
Aurora shares closed 11 cents higher at 67 cents, after touching a high of 69.5 cents.
That marks an encouraging recovery from an all-time low of 45 cents last month.
The company listed on the ASX in August 2016 and its stock hit a peak around $4 in February this year.